S 3111
Brokered Deposit Affiliate-Subsidiary Modernization Act of 2019
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- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill changes how the law treats brokered deposits and affiliated financial institutions. Specifically, it removes restrictions that currently apply to affiliates and subsidiaries of insured banks when it comes to brokering deposits. It also broadens the definition of an ‘employee’ of an insured institution to include individuals working for affiliated companies, effectively exempting them from being considered deposit brokers.
Sponsors
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Primary sponsor
David Perdue
Cosponsors
Ben Sasse
Doug Jones
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